Schlumberger reports over 30 bln USD revenue, up 9 pct

HOUSTON, Jan. 19 (Xinhua) -- Schlumberger Limited Friday reported full-year 2017 revenue of 30.4 billion U.S. dollars, increasing 9 percent year-on-year.

This included a full year's activity from the acquired Cameron businesses as compared to three quarters of activity in 2016.

Excluding the addition of Cameron, revenue growth was driven by land activity in North America, which increased by 82 percent in line with the increase in rig count. Full-year Production Group revenue increased 21 percent, Reservoir Characterization Group revenue improved 2 percent, and Drilling Group revenue declined 2 percent.

Full-year 2017 pretax operating income grew 20 percent and pretax operating margin of 13 percent expanded 111 basis points (bps). This was driven by improved profitability in North America due to the growth in land activity that benefited both the Production and Drilling Groups.

Schlumberger Chairman and CEO Paal Kibsgaard said, "Sequential growth was driven by strong activity in North America, Saudi Arabia, and Latin America."

He said that over the past three years of unprecedented market downturn, "we have proactively sought to strengthen our technology offering and our market presence in key markets around the world."

Schlumberger, with principal offices in Paris, Houston, London and The Hague, is the world's leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Enditem